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Packaging Corporation of America Is Executing a Multi-Year Efficiency Blueprint—Will Synergies, Tech Upgrades, & Energy Wins Stack Up Fast?

Packaging Corporation of America (PCA) has reported its third quarter 2025 financial results, showing noteworthy performance mixed with some challenges. The company’s net income stood at $227 million or $2.51 per share. Excluding special items primarily linked to its recent acquisition of the Greif Containerboard business, the adjusted net income was $247 million or $2.73 per share, compared to $239 million or $2.65 per share for the same quarter last year. The acquisition, completed on September 2, necessitated adjustments for inventory and transaction expenses, which affect both income and operational metrics. On the revenue side, PCA reported net sales of $2.3 billion, an increase from the $2.2 billion reported in the third quarter of 2024. The total company EBITDA, excluding special items, improved significantly to $503 million from $461 million year-over-year. This increase was underpinned by favorable pricing and mix in the Packaging segment, as well as lower fiber costs.